Is this grow bag looking ok?

That looks like mycorrhizal cultures! My fabric pots look almost identical, and that's intentional! If you're using mycorrhizal cultures in your substrate or feed, you can rest easy. It looks like a healthy symbiosis between the roots of your ladies and the fungal cultures, which is very beneficial for the plant. If you're not using mycorrhiza and are sure that you actually have a mold infestation (it really doesn't look like it!), you can definitely tackle the problem with a mild hydrogen peroxide solution. Just spray the outer walls of the pots with it.